Short changed

The grocer had its first full year of like-for-like UK sales growth in seven years. Boss Dave Lewis hopes to shield shoppers from rising prices, but not crush suppliers. The risk is that he has to fund that plan with the spoils of Tesco’s $4.6 bln purchase of wholesaler Booker.

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FILE PHOTO: A customer service representative stands in an aisle at a Tesco Extra supermarket in Watford, north of London August 8, 2013. REUTERS/Suzanne Plunkett/File Photo - RTX351OY

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Supermarket group Tesco said full-year group sales increased by 4.3 percent to 49.9 billion pounds. UK like-for-like sales grew 0.9 percent in the period, the first reported full-year growth since the accounting year ending February 2010.

Tesco agreed to buy wholesaler Booker Group for 3.7 billion pounds in a deal announced on Jan. 27. Two Tesco shareholders, Schroder Investment Management and Artisan Partners, said on March 27 that they opposed the planned takeover.

Tesco’s shares were down 3.6 percent to 189 pence by 1005 BST on April 12. Booker shares fell 2.5 percent to 197 pence.